Boom in entrepreneurs expected after ban on Saudi women driving lifted

Sara Al-Madani said Saudi women are ‘graceful, smart and educated.’ (AN Photo)
Updated 08 November 2017
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Boom in entrepreneurs expected after ban on Saudi women driving lifted

SVETI STEFAN, Montenegro: More local women are likely to become entrepreneurs after the ban on them driving is lifted in Saudi Arabia, according to a prominent Emirati fashion designer and businesswoman.
Sara Al-Madani, an entrepreneur and board member of the Sharjah Chamber of Commerce & Industry (SCCI), said: “I’m so happy about this, the women in Saudi (Arabia) are a huge wealth and it needs to be properly invested into the economy.
“Imagine the effect it will have when millions of women can move and get to work. It will transform the country and it’s undeniable that force will have a big impact.”
Al-Madani, founder of Sara Al-Madani Fashion Design and the new British restaurant Shabarbush in Dubai, added that not being able to drive has never stopped women from setting up their own business ventures, but “this freedom opens up more opportunities for them so we will see more women on board.”
The entrepreneur, speaking to Arab News on the sidelines of the recent Global Citizen Forum, said that the word “innovation” is now trending globally.
“I tell everyone, before you innovate in business or at your work, you need to innovate in yourself, you need to believe in yourself and break the stereotype.
“You need to stand up for your rights and believe in your dreams and accomplish them and, once you’ve done that, you can innovate externally … Women are strong, we just need inspiration.”
Al-Madani ventured into the business world at a time when very few Emirati women were doing so. Defying cultural norms, she started her fashion label Rouge Couture, now known as Sara Al-Madani Fashion Design, at the age of 15.
In 2014 Al-Madani, now 30, was selected by Sultan bin Muhammad Al-Qasimi, ruler of the UAE emirate of Sharjah, as a board member of the SCCI.
Al-Madani also runs the creative consultancy Social Fish, and is a brand ambassador for Nivea and Natura Bissé in the Middle East.
She said: “This is just the beginning (of freedoms) for Saudi women. I wish the Saudi women all the best — they are graceful, smart and educated.”


Oil prices rise on signs Iranian oil exports are falling further

Updated 16 October 2018
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Oil prices rise on signs Iranian oil exports are falling further

SEOUL: Oil prices dipped on Tuesday amid expectations of an increase in US crude inventories, but signs of a fall in Iranian oil exports this month kept losses in check.
International benchmark Brent crude for December delivery had fallen 6 cents, or 0.07 percent, to $80.72 per barrel by 0654 GMT.
US West Texas Intermediate crude for November delivery was down 14 cents at $71.64 a barrel.
US crude stockpiles were forecast to have risen last week for the fourth straight week, by about 1.1 million barrels, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).
The API’s data is due at 4:30pm EDT on Tuesday, and the EIA report will be released at 10:30am EDT on Wednesday.
“Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers,” said Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul.
“Brent prices are likely stay in the range of $80 a barrel or slightly higher, while WTI prices are likely to be $70-$75 a barrel,” Hwang added.
In the first two week of October, Iran exported 1.33 million barrels per day (bpd) of crude to countries including India, China and Turkey, according to Refinitiv Eikon data. That was down from 1.6 million bpd during the same period in September.
The October exports are a sharp drop from the 2.5 million bpd in April US before US President Donald Trump withdrew from a multilateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the data showed.
The sanctions will come into force on November 4. The US special envoy for Iran said on Monday that the US is still aiming to cut Iran’s oil sales to zero.
Meanwhile, OPEC Secretary General Mohammad Barkindo said on Tuesday that global spare oil capacity was shrinking, adding that producers and companies should increase their production capacities and invest more to meet current demand.
With the world’s only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.
Saudi Arabia’s Energy Minister Khalid Al-Falih said on Monday at a conference in New Delhi that the kingdom is committed to meeting India’s rising oil demand and is the “shock absorber” for supply disruptions in the oil market.